Tonal
Connected fitnessUSA
New to Unitard
βοΈ Markdown
PeakΒ $1.9 BillionToday
~-68%
from peak
- π¦Became a unicorn2021
- πPeak valuation$1.9 Billion β21
- πBecame a Unitard~2024
- πΈLast valuation~$608M
Current status
~$550-600M closed round (some reports $200-300M)
The rise & fall
7 moments Β· 2015β2024The key moments, with employee sentiment along the way.
2015
2015
Founded
Aly Orady builds an electromagnetic weight machine that hangs on the wall β a whole gym in one panel.
TechCrunch
2020
2020
Lockdown boom
With gyms closed, demand for home strength training surges and Tonal expands fast.
CNBC
2021
2021
The peak: $1.9B$1.9B
A round backed by Amazon and L Catterton values the smart-gym maker at $1.9B β unicorn status and high-water mark in the same stroke.
WSJ
2022
2022
The boom cools
Connected fitness slumps across the sector as gyms reopen, and the pandemic-era expansion goes into reverse.
WSJ
2022β24
From the inside Β· Glassdoor reviews, 2022β24
Glassdoor reviews from the years around the reset described the pandemic expansion snapping into reverse: insiders counted repeated layoff rounds that sharply cut headcount, said the roughly $3,000 system made growth hard to sustain once demand cooled, and described leadership and strategy in constant churn.
2024
2024
The down round: ~$550β600M
A closed round marks Tonal down roughly two-thirds from peak β with some reported marks as low as $200β300M.
WSJ
π¬ entries paraphrase anonymous, unverified reviews posted publicly on Glassdoor β; dated facts carry their source.
How it happened
Tonal makes a wall-mounted connected strength-training system and reached a valuation of about $1.9B in a 2021 round backed by investors including Amazon and L Catterton. As the connected-fitness boom cooled, it raised a sharply lower down round (reported around $550-600M, with some marks far lower), cutting its valuation by roughly two-thirds and ending its unicorn status.
Source: WSJ/The Information; conflicting marks
Founder
Current roles as self-reported on LinkedIn, retrieved 2026-08-19. See our methodology.
